Homeowners Insurance | Bethesda | Gaithersburg | Maryland | Rockville

/in /by

Homeowners Insurance Bethesda and Choosing The One For You

Homeowners Insurance Bethesda: Did you know that homeowners insurance Gaithersburg as we know it today was “invented” only in the 1950s? Of course, before the first official property insurance there were other variations of the same document; the main drawback of the “old” method was that a person had to have a bunch of insurance documents to cover for various belongings.

With the introduction of homeowners insurance in Bethesda, Frederick, Gaithersburg, Maryland, Rockville and the entire US, things got a lot less complicated.

Nowadays the homeowner is allowed to purchase all the insurance they need for their homes in one single, complete policy. Still, modern developments have changed the insurance coverage terms, availability and pricing, so that now people can choose from up to 8 types of coverage:

  1. HO0 – Dwelling fire form homeowner policy: it is a type of basic insurance policy which only covers for fire, smoke, windstorm, hail, lightning, explosion, vehicles, and civil unrest; it doesn’t offer insurance for personal property or personal liability, nor does it cover medical expenses.
  2. HO1 – Basic form homeowner policy: it is another type of basic insurance. It covers for 11 known perils which might affect a home/property. These 11 threats are: fire or lightning, windstorm or hail, vandalism or malicious mischief, theft, damage from vehicles and aircraft, explosion, riot or civil commotion, glass breakage, smoke, volcanic eruption, and personal liability. As you can see, they do not offer coverage for flooding or earthquakes.
  3. HO2 – Broad form homeowner policy: The insurance we’re talking about covers a broader range of perils than the one listed above: 16 (the 11 mentioned in point two, plus 5 more).
  4. HO3 – Special form homeowner policy: If you are like most American families, then this is more than likely the kind of coverage you have.

The other 4 types of coverage are the following (please contact one of our representatives to get more details):

  1. HO4 – Tenants form homeowner policy
  2. HO5 – Premier homeowner policy
  3. HO6 – Condominium unit owners form
  4. HO8 – older houses